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20100910
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of employees. it was the private pension rewards for long working used to regulate the labor markets. the retirement age, the existence of retirement age in our society is a function of decisions both of increased productivity in the last century and decisions we made about allocating leisure. much of the leisure we chose to take from the increase productivity went into shorter work weeks. it also went to longer vacations in the last century before the 1950's. after the 1940's or so, to be increased leisure went into retirement, a period of non work. we created this institution. it is malleable to some extent for it is also terribly important. the early retirement story is interesting. it begins to some extent with the unions very successfully negotiating 30-year and out early retirement options. many of the unions that had defined benefits and many of the businesses agreed to early retirement provisions that serve the purpose on the one hand of rewarding workers for long-term service and two, turning over the labor force. the flip side of all retirement age policy is also employment
have that in the schools? a few of us. at that time, american's own their own debt. if the interest payment was made, it made in our economy. now a growing share of our debt is owned by china, saudia arabia, and so forth. we also have debt payments going out of our economy each and every day. behind every program there are advocates. there is no program where there is not someone who wants it. there is a second of the jet engine that is being developed for one of our new jet fighters. it is to separate engines being developed. the secretary of defense says it is not needed. the joint of staff says it is not needed. i voted to wipe out that second engine. i can tell you that the places that the part of the bill are screaming in protesting and they want the second engine built. they will keep trying to build it. there are additional copies of an earlier fight terror that had the same -- earlier fighter that had that same store. -- story. that is in the budget. i voted against it. normally they come up in appropriations and you just get a bill on the floor. we do have a challenge. the
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